The Swedbank, LHV, and SEB pension funds lost several million euros due to a partner’s misconduct in the BaltCap investment fund in Lithuania last November. The BaltCap fund holds 0.1 percent of their pension funds’ assets.
The pension funds of Swedbank, LHV and SEB have invested in BaltCap, the largest private equity fund manager in the Baltics. But late last year, the Estonian banks’ pension funds had to write down the value of BaltCap by up to 20 percent because their Lithuanian partner is under criminal investigation, Äripäev writes.
Last November, Šarunas Stepukonis embezzled money from BaltCap infrastructure funds with a total volume of over €100 million. Swedbank has invested a total of €20 million in BaltCap, including €10 million in the infrastructure fund. Now they had to adjust the value by more than €2 million.
“If you look at the amounts, these BaltCap funds are a very, very small part of the total pension fund. This trim still had a small impact on the overall result of the fund, 0.1 percent. In 2017, we invested money in them, and since then the fund has returned a total of more than 20 percent plus,” Age Petter, the head of investment funds at Swedbank, said.
LHV has invested €5 million in BaltCap.
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